It further said: "The aforesaid transaction is with an objective of enhancing the group's presence in the Sri Lankan market where the company through its subsidiary company, Asian Paints (Lanka) Ltd, already has operations".

Asian Paints did not disclose the deal size. However, it said, CPLPL reported revenue of Sri Lankan Rupee 5,630 million (approx Rs 253.60 crore) in the previous fiscal.

Shares of Asian Paints were trading 0.65 per cent lower at Rs 975 on BSE.